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Tidbits, Politics, Economy, Basis, Markets & Rain Days Update 10/7/23

Politics


Not a word about Ukraine’s corruption and its links with US political figures the past 24 hours.


Rep. Jim Jordan (R-Ohio) is the leading candidate for the Speaker position and he said he is against Ukraine aid. The war will not continue very long without US aid.


If the war ends, is that bearish or bullish wheat and corn? In the first year or two, it will depend on how well the two enemies can work together to get everything up and running. About half of the House Republicans have said they want to pass a $90 billion aid package for Ukraine. Trump, who has been nominated for Speaker, said he would serve temporarily if chosen, but he supports Jordan for Speaker.

 

Highlights


A Turkish flagged cargo ship hit a mine off the coast of Romania in the Black Sea yesterday morning, but no serious damage and no casualties. It must have been a firecracker or a figment of someone’s imagination. A real mine would easily sink a freighter.

Frank reported CGB in Memphis' basis on soybeans was -175X (175¢ under November futures) two weeks ago, but now the same location is -65X. That is a $1.10 improvement!

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